CFTC Wins $288 Million EminiFX Judgment Against Eddy…
By Rick Steves
AI summary of the source article
A federal court ordered Eddy Alexandre and EminiFX Inc. to pay over $288 million in restitution, disgorgement, and penalties for operating a commodity-pool Ponzi scheme. The firm collected over $262 million while generating net losses exceeding $49 million.
Why it matters
The court's findings "are more significant than the promise of high returns alone: they identify how the scheme was marketed and how investors’ money was handled."
Key facts
- The court ordered $228,576,962 in restitution, $15,049,500 in disgorgement, and a $45,148,500 civil penalty against Eddy Alexandre and EminiFX.
- EminiFX gathered over $262 million from tens of thousands of investors promising weekly returns of 5% to 9.99%, but actually sustained over $49 million in net losses.
- Eddy Alexandre misappropriated at least $15 million of investor funds for personal use and is serving a nine-year prison sentence.
Source excerpt · FinanceFeeds
A federal court has ordered Eddy Alexandre and EminiFX Inc. to pay more than $288 million in restitution, disgorgement and civil penalties after finding that the company operated a commodity-pool Ponzi scheme. The Commodity Futures Trading Commission’s announcement specifies $228,576,962 in restitution, $15,049,500 in disgorgement subject to credit for restitution paid, and a $45,148,500 civil pen…